The global downturn is lifting unemployment and lowering consumer demand. It also is handing an advantage to cyber criminals as companies cut spending and fall behind on online security.
According to a recent survey of telecommunications, media and technology companies, nearly a third of firms have cut security budgets this year
A third of companies surveyed say they are spending less on security this year
Similarly, 60 percent believe they are falling behind on just treading water as they try to keep up with evolving security threats, says the study from Deloitte Touche Tohmatsu. Only 49 percent felt the same way last year.
The work, reported Friday, points to an emerging challenge facing corporations. By slashing spending, companies can bring immediate relief to the bottom line. But in the process, they create long-term exposures that can remain for years.
For instance, only 28 percent of firms rate themselves as highly confident they can repel internal security threats, one of the biggest challenges facing corporations. That is down from 51 percent in 2007.
More than half of the companies said that with the recession underway, senior executives are uninterested in fully funding efforts to meet regulatory requirements.
